Aluminium ingot inventory:
The aluminium ingot social inventories across China’s eight major markets totalled 723,000 mt as of July 10, down 11,000 mt from last Thursday and 135,000 mt lower than in the same period last year. Inventory in Wuxi continued to decline as some downstream buyers purchased on the dips after aluminium prices fell to around 18,000 yuan/mt over the past two days while some buyers picked up cargoes in advance out of fears that the transportation would be restricted amid the resurgence of the pandemic. The inventory in Gongyi fell from this Monday, but rose slightly when compared with last Thursday. The inventory in Foshan area climbed further to 184,000 mt as a result of growing arrivals and poor demand. Despite recent dip buying, the market is still pessimistic since the traditional off-season is coming.
Aluminium billet inventory:
The inventories of aluminium billets in China’s major markets dropped by 4,700 mt on a weekly basis as of July 7. Falling aluminium prices and increased uncertainties over transportation amid the increase in COVID-19 infections boosted downstream willingness to purchase. However, downstream orders indicate that consumption is showing signs of weakening, thus the decline in aluminium billet inventory may be unsustainable.
Post time: Jul-10-2022